A new study IDs the likely hot spots for strong sales activity in the coming months. Is your city among them?
If you’re a mortgage originator in Colorado Springs or Chicago, you might want to get ready for a spike in business.
A new study by ATTOM Data Solutions looked at the markets with the highest “pre-mover” indices during the second quarter – predictive of strong sales activity in Q3. The study collected data from purchase-loan applications to prepare its Q2 2017 Pre-Mover Housing Index. An index score above 100 indicated an above-average ratio of homes likely to sell in the next 30 to 90 days.
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The top five markets – out of 122 metro areas studied for the report – posted index scores of more than 200, twice the national average. The top five metro areas were Colorado Springs; Chicago; Washington, D.C.; Reno, Nev.; and Lexington, Ky.
San Francisco had the lowest index score at 31, followed by Rochester, N.Y. (32), Honolulu (36), Providence, R.I. (44), and Grand Rapids, Mich. (46).
“Markets with a healthy mix of access to good jobs and relatively affordable housing attracted the most interest from pre-movers in the second quarter, a harbinger of strong home sales activity in the third quarter,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Meanwhile in some of the nation’s hottest housing markets, there was more pre-mover interest in outlying counties further away from jobs but with more affordable homes to purchase. We see this pattern playing out in places like Denver, New York, Seattle, and Southern California.”
